Smarta made a flying visit to mashup’s Being Digital conference today, where it managed to catch a panel discussion on growing a profitable business with Ariadne Capital founder Julie Meyer, ex-Dragon Doug Richard, OnRelay co-founder Marie Wold and Results International’s head of digital, Damian Ryan.
The panel discussion addressed a number of issues, including, for a fairly hefty percentage of the allotted time, which kind of accounting software to use – but what interested Smarta was one comment from Meyer.
“Your business model needs to take into account the rest of the ecosystem,” she said – a bit of a perplexing comment, if it’s taken out of context.
What she meant was, your business isn’t an isolated entity: remember, when you’re planning it, to take into account the business ecosystem it will be entering. Who are your customers? Who are your competitors? How are suppliers faring? What’s the overall market like? And what about the economy as a whole?
When you’re pitching to investors, make sure you take the whole business environment into consideration, rather than just your investors. Doug Richard said he had seen more than 3,000 pitches last year and invested in just three companies – and we’d bet our Twitter following that it’s because the businesses in question were savvy, knowledgeable, and above all, well aware of the ecosystem they’re entering.